S&P 500 surges, as U.S. retail sales continue to grow
The S&P 500 traded higher on Tuesday, as data released showed that retail sales have continued to climb in recent months.
Figures reported showed that U.S. retail sales were up 0.9% in April, which is as markets had previously expected.
March’s data was also revised, and now shows a gain of 1.4% from February, which is double the 0.7% initially reported.
Despite inflation tracking at record highs, consumer spending has continued to grow, which is a welcome boost to the U.S. economy.
The benchmark S&P 500 is 1.96% as of writing.
Oil prices approach 2-month high, as EU Russian oil embargo nears
Oil prices were trading higher for a fifth consecutive session on Tuesday, as markets continued to prepare for a potential Russian energy embargo.
Despite Hungary continuing to veto a proposal to sanction Russian oil and gas, the EU looks to press forward with its embargo in upcoming weeks.
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There is scheduled to be a final meeting during a May 30-31 summit, where it is expected that members will agree on a phased ban on Russian oil.
Prices now track close to multi-month highs, as there seems to be continuing issues on the supply-side, despite the U.S. committing to releasing historic levels of their reserves.
As of writing, WTI was at $113.68.
FTSE 100 gains, as UK unemployment falls to 50-year low
London’s FTSE 100 was trading higher during today’s session, as markets responded to news that Britain’s unemployment rate had fallen.
Figures from the Office for National Statistics showed that the country’s unemployment rate had fallen to 3.7% in Q1.
This rate of unemployment is the lowest for the United Kingdom in over 50 years.
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One of the key factors to this was the fact that job vacancies also rose, hitting a new high of 1.3 million in the quarter.
The FTSE 100 closed 0.72% higher on the news.
“Spend each day trying to be a little wiser than you were when you woke up.”–Charlie Munger